Land Values & Credit Conditions Survey

The first quarter 2015 survey is now available.

Last Updated: 04/01/15


The Seventh Federal Reserve District states of Illinois, Indiana, Iowa, Michigan and Wisconsin continue to play a key role in the agricultural economy of the United States, as well as the world. Although agriculture's share of the total Seventh District economy is decreasing, it remains a very important part of the larger economy.

Year-over-Year Changes in Farmland Values

Land Value Changes

Index of Demand for Agricultural Loans

Loan Demand

Index of Repayment Rates for Agricultural Loans

Loan Demand

Interest Rates Charged on New Farm Loans in the Seventh District

Interest rates charged on new farm loans in the Seventh District

Notes: For charts of indices, bankers responded to each item by indicating whether conditions during the current quarter were higher, lower, or the same as in the year-earlier period. The index numbers are computed by subtracting the percent of bankers that responded "lower" from the percent that responded "higher" and adding 100. These indices exclude real estate loans.

The chart of interest rates is based on data from the Chicago Fed's Land Value and Credit Conditions Survey. The black line indicates farm operating loans and the red line indicates farm real estate loans. This chart shows the average interest rates charged on farm loans. Since farming is a very capital-intensive industry, many farmers make extensive use of borrowed funds. High interest rates mean larger expenses and less profit.


Source for all charts: Land Value and Credit Conditions Survey, Federal Reserve Bank of Chicago

AgLetter Data

Data on credit conditions at Seventh District agricultural banks and on farmland values in the Seventh District are available for download as spreadsheets. Recent data for credit conditions are also available on the third page of the AgLetter.


Seventh District Credit Conditions
Seventh District Land Values

2014 Agriculture Conference

On November 17, 2014, the Federal Reserve Bank of Chicago will hold a conference to examine the role of farm income in the Midwest economy. While farm income has long been an important driver of midwestern economic activity, its influence had been waning until the boom in crop prices of the past decade. Read

2013 Agriculture Conference

This year's Agriculture Conference was held at the Chicago Fed on November 19. At the conference, experts from academia, industry and policy institutions examined key risks facing agriculture and discussed managing these risks in today‚Äôs volatile environment. Please visit the event site for updates and visit the Conference Materials tab to find a summary of the event . Read

2012 Agriculture Conference

On November 27, 2012, the Federal Reserve Bank of Chicago held a conference to examine trends in farmland leasing and analyze various types of leases, within the context of the changes facing agriculture in the Midwest. The theme was Farmland Leases: Tales, Types and Trends. The March 2013 Chicago Fed Letter summarizes the event.


The 2012 cash rents for midwestern farmland increased 17 percent from a year ago, according to the latest Chicago Fed survey. Cash rental rates for farmland in the Midwest have risen quickly in recent years, but still have lagged the increases in agricultural land values. Read more...